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COMMISSIONER OF INTERNAL REVENUE v. PROCTER

No. 5215.

142 F.2d 824 (1944)

COMMISSIONER OF INTERNAL REVENUE v. PROCTER.

Circuit Court of Appeals, Fourth Circuit.

Rehearing Denied May 31, 1944.

Attorney(s) appearing for the Case

Carlton Fox, Sp. Asst. to the Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen, and Sewall Key and J. Louis Monarch, Sp. Assts. to the Atty. Gen., on the brief), for petitioner.

Thomas H. Fisher, of Chicago, Ill., for respondent.

Before PARKER, SOPER, and DOBIE, Circuit Judges.

PARKER, Circuit Judge.

This is a petition to review a decision of the Tax Court holding that no gift tax could be assessed upon a transfer by one Frederic W. Procter of the remainder interests in two trust estates, which had been assigned by him as security to certain promissory notes. The facts are not disputed and are as follows:

Taxpayer held interests in four separate trusts which had been created by his grandfather...

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